An Israeli solar power startup intends to raise over $100 million in an initial public offering next year, Bloomberg reported Sunday.
SolarEdge Technologies, which develops solar power optimizing systems, is "in talks with financial institutions for a New York listing next summer," according to Bloomberg, which spoke to two people who spoke anonymously because the plans are not yet public.
“We have all intentions to become one of the largest players in the market and doing that in this market requires a lot of money,” Ronen Faier, SolarEdge’s chief financial officer, told Bloomberg by telephone on Sunday. While he decline to discuss details of a potential IPO, he conceded, “It’s very hard to grow a large company on private money.”
SolarEdge, based in Hod Hasharon, was founded in 2006. The company provides a photovoltaic monitoring solution that maximizes "the power generation of residential, commercial and large-scale PV system installations," according to its website. It raised $37 million in a funding round led by Norwest Venture Partners in 2011.
The company says it has shipped over two million power optimizers to 45 countries.